Shares of Semtech Corp. rose 5 percent after the company beat Wall Street expectations of adjusted earnings while matching on revenue in the fiscal third quarter.
The Camarillo semiconductor manufacturer reported on Wednesday adjusted net income of $43.1 million (63 cents a share) on revenue of $173 million for the quarter ending Oct. 28. That compares to adjusted net income of $32.5 million (48 cents) on revenue of $150.3. in the same period a year earlier.
Analysts on average expected earnings of 61 cents on revenue of $173 million, according to Thomson Financial Network.
Chief Executive Mohan Maheswaran said the company had new records in net sales and adjusted earnings in the third quarter and anticipates the same in the current quarter.
“While we are experiencing headwinds from the mobile market and some broad industry weakness, we do expect another record performance from our LoRa technology platforms in our fiscal fourth quarter and anticipate a record financial performance for fiscal year 2019, driven by growth from the IoT, mobile and data center markets,” Maheswaran said in a statement.
Shares in Semtech (SMTC) closed up $2.24, or nearly 5 percent, to $48.14 on the Nasdaq.